Dr. Johnson Pandit Asiama
The Bank of Ghana (BoG) has directed commercial banks to desist from paying foreign currency cash (FCY) to large corporates unless such payments are backed by equivalent FCY cash deposits lodged by the same institutions with the bank.
In a statement issued on Wednesday, August 20, 2025 and signed by Aimee Quashie on behalf of the Secretary to the Bank, the BoG explained that the directive responds to the growing practice of FCY cash withdrawals by large corporates – such as Bulk Oil Distribution Companies, mining firms, and other similar entities – that are not directly funded by prior FCY cash deposits.
“Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to large corporates unless such transactions are fully supported by equivalent FCY cash deposits lodged by the same institution. Banks must retain proper documentation to confirm the source of funds for every payout,” the statement said.
The BoG noted that this practice places undue pressure on the foreign exchange market and undermines efforts to safeguard stability.
At the same time, the central bank reaffirmed its commitment to supporting the operations of large corporates, recognising their crucial role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana’s economy.
It further indicated that, in partnership with the Government, mechanisms have been put in place to source and provide foreign exchange liquidity to meet the legitimate import obligations of large corporates, in order to safeguard market stability and ensure uninterrupted supply chains.
“We expect all banks to comply strictly with this directive and to cooperate fully with the Bank of Ghana in ensuring that available foreign exchange resources are applied efficiently and transparently. Non-compliance will attract appropriate regulatory sanctions,” the Bank cautioned.
The statement called on relevant industry associations to draw the attention of their members to the directive and ensure strict adherence.
By Ebenezer K. Amponsah